Philip Morris International Inc. (PM) stock
PMNYSECigarettesFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 23, 2026Score 13/3040% above fair value
$196.66+0.31 (+0.16%)
Close on Nov 12, 2026Market cap $306.53BP/E 28.7Yield 2.87%
Philip Morris International operating margin
Operating margin is operating income as a percentage of revenue.
Philip Morris International's operating margin for the twelve months ending Sep 30, 2026 was 38.6%. For fiscal 2025 it was 36.6%, against 35.4% the year before. The highest annual figure on record is 41.3% in fiscal 2021.
Annual operating margin
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 36.6% | +1.3 |
| FY2024 | Dec 31, 2024 | 35.4% | +2.5 |
| FY2023 | Dec 31, 2023 | 32.9% | −5.7 |
| FY2022 | Dec 31, 2022 | 38.6% | −2.8 |
| FY2021 | Dec 31, 2021 | 41.3% | +0.7 |
| FY2020 | Dec 31, 2020 | 40.7% | +5.3 |
| FY2019 | Dec 31, 2019 | 35.3% | −3.1 |
| FY2018 | Dec 31, 2018 | 38.4% | −1.9 |
| FY2017 | Dec 31, 2017 | 40.3% | −0.6 |
| FY2016 | Dec 31, 2016 | 40.9% | +26.5 |
| FY2015 | Dec 31, 2015 | 14.4% | −0.2 |
| FY2014 | Dec 31, 2014 | 14.6% | −2.3 |
| FY2013 | Dec 31, 2013 | 16.9% | −1.0 |
| FY2012 | Dec 31, 2012 | 17.9% | +0.4 |
| FY2011 | Dec 31, 2011 | 17.5% | +0.9 |
| FY2010 | Dec 31, 2010 | 16.5% | +0.4 |
| FY2009 | Dec 31, 2009 | 16.2% | +0.1 |
| FY2008 | Dec 31, 2008 | 16.1% | +0.0 |
| FY2007 | Dec 31, 2007 | 16.1% | – |
Quarterly operating margin
Change is against the same quarter a year earlier.
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | 42.5% | +3.2 |
| Q2 FY2026 | Jun 30, 2026 | 40.5% | +3.9 |
| Q1 FY2026 | Mar 31, 2026 | 38.4% | +0.3 |
| Q4 FY2025 | Dec 31, 2025 | 32.6% | −1.0 |
| Q3 FY2025 | Sep 30, 2025 | 39.3% | +2.4 |
| Q2 FY2025 | Jun 30, 2025 | 36.6% | +0.2 |
| Q1 FY2025 | Mar 31, 2025 | 38.1% | +3.5 |
| Q4 FY2024 | Dec 31, 2024 | 33.6% | +1.6 |
| Q3 FY2024 | Sep 30, 2024 | 36.9% | +0.0 |
| Q2 FY2024 | Jun 30, 2024 | 36.4% | +7.8 |
| Q1 FY2024 | Mar 31, 2024 | 34.6% | +0.6 |
| Q4 FY2023 | Dec 31, 2023 | 31.9% | −3.9 |
| Q3 FY2023 | Sep 30, 2023 | 36.9% | −0.1 |
| Q2 FY2023 | Jun 30, 2023 | 28.6% | −10.4 |
| Q1 FY2023 | Mar 31, 2023 | 34.1% | −8.5 |
| Q4 FY2022 | Dec 31, 2022 | 35.9% | −0.5 |
| Q3 FY2022 | Sep 30, 2022 | 37.0% | −5.6 |
| Q2 FY2022 | Jun 30, 2022 | 39.0% | −2.2 |
| Q1 FY2022 | Mar 31, 2022 | 42.6% | −2.8 |
| Q4 FY2021 | Dec 31, 2021 | 36.4% | −2.7 |
| Q3 FY2021 | Sep 30, 2021 | 42.5% | −1.0 |
| Q2 FY2021 | Jun 30, 2021 | 41.2% | +0.1 |
| Q1 FY2021 | Mar 31, 2021 | 45.4% | +6.4 |
| Q4 FY2020 | Dec 31, 2020 | 39.0% | +6.5 |
| Q3 FY2020 | Sep 30, 2020 | 43.6% | +7.1 |
| Q2 FY2020 | Jun 30, 2020 | 41.1% | −0.3 |
| Q1 FY2020 | Mar 31, 2020 | 39.0% | +8.6 |
| Q4 FY2019 | Dec 31, 2019 | 32.5% | −3.5 |
| Q3 FY2019 | Sep 30, 2019 | 36.5% | −5.6 |
| Q2 FY2019 | Jun 30, 2019 | 41.4% | +1.4 |
| Q1 FY2019 | Mar 31, 2019 | 30.4% | −4.8 |
| Q4 FY2018 | Dec 31, 2018 | 36.0% | −4.2 |
| Q3 FY2018 | Sep 30, 2018 | 42.1% | +0.7 |
| Q2 FY2018 | Jun 30, 2018 | 40.0% | +0.5 |
| Q1 FY2018 | Mar 31, 2018 | 35.2% | −4.7 |
| Q4 FY2017 | Dec 31, 2017 | 40.3% | +26.2 |
| Q3 FY2017 | Sep 30, 2017 | 41.3% | – |
| Q2 FY2017 | Jun 30, 2017 | 39.6% | – |
| Q1 FY2017 | Mar 31, 2017 | 39.8% | – |
| Q4 FY2016 | Dec 31, 2016 | 14.1% | – |
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